Reminiscences of a Stock Operator Illustrated (A Marketplace Book) [Illustrated] [Hardcover]

Edwin Lefèvre (Author), William J. O'Neil (Foreword)

Book Description

Series: A Marketplace Book | Publication Date: September 2004

Unknown to most modern-day investors and traders who cherish Reminiscences of a Stock Operator as one of the most important investment books ever written, the material first appeared in the 1920s as a series of articles and illustrations in the Saturday Evening Post. Now, for the first time ever, this beloved classic is being made available in its original, illustrated format.

You'll track the exploits of Jesse Livermore as he won and lost tens of millions of dollars playing the stock and commodities markets during the early 1900s. At one point, he made the then astronomical sum of 10 million dollars in just one month of trading!

Originally published as a fictionalized account, the Illustrated Edition combines the Saturday Evening Post's memorable illustrations with Edwin LeFevre's timeless investment advice, recreating the look, feel, and message that was first published more than 80 years ago. Among the most compelling and enduring pieces ever written on trading, the new Illustrated Edition brings this story to life like never before. Order your copy today.

Editorial Reviews

From the Inside Flap

Reminiscences of a Stock Operator is the fictionalized biography of Jesse Livermore, one of the greatest speculators ever. The timeless insights found within these pages have inspired countless generations of investors and made this book one of the foremost investment classics of all time. And although most modern-day investors and traders are familiar with this investment classic, many do not know that Reminiscences of a Stock Operator first appeared in the 1920s as a series of articles and illustrations in The Saturday Evening Post. Now, for the first time ever, this beloved classic is available in its original, illustrated format.

In 1922, Edwin Lefèvre began publishing his fictionalized account of Livermore’s exploits in a series of articles for The Saturday Evening Post, which appeared under the title "Reminiscences of a Stock Operator." Now, Reminiscences of a Stock Operator Illustrated Edition combines those memorable illustrations with Lefèvre’s timeless investment advice to recreate the look, feel, and message that was first published more than eighty years ago.

Jesse Livermore won and lost tens of millions of dollars playing the stock and commodities markets during the early 1900s, at one point making ten million dollars in one month of trading–an astronomical sum for this time. His ideas and keen analyses of market price movements are as true today as they were when he first implemented them. Offering profound insights into the motivations, attitudes, and feelings shared by every investor, Reminiscences of a Stock Operator is among the most compelling and enduring pieces ever written on trading in the markets–and this new illustrated edition brings this story to life like never before.

Reminiscences of a Stock Operator is a timeless tale that will enrich the lives–and portfolios–of today’s traders as it has done for generations in the past. This handsome coffee-table book combines for the first time in a single source, beautifully crafted reproductions of the original "Reminiscences of a Stock Operator" articles and artwork as they were initially found in The Saturday Evening Post. Take the time to study both the vintage art and proven trading wisdom of this impressive illustrated edition, and you’ll discover more about the markets and yourself.

In addition to The Saturday Evening Post illustrations, this new version contains commentary from renowned financial historian Charles Geisst. Geisst explains the historic context of each chapter of Reminiscences, providing insight into the financial markets and speculative culture of this bygone era. Readers will learn how bucket shops operated, the exploits of other big traders, and how Jesse Livermore figured in the controversies of the day. The result is a far richer, more enlightening reading experience.

From the Back Cover

"After 20 years and many re-reads, Reminiscences is still one of my all-time favorites."
–Kenneth L. Fisher, Forbes

See all Editorial Reviews

Product Details

• Hardcover: 272 pages
• Publisher: Wiley (September 2004)
• Language: English
• ISBN-10: 0471678767
• ISBN-13: 978-0471678762
• Product Dimensions: 11.2 x 8.7 x 0.8 inches
• Shipping Weight: 2.6 pounds (View shipping rates and policies)
• Average Customer Review: 4.6 out of 5 stars  See all reviews (250 customer reviews)
• Amazon Best Sellers Rank: #196,026 in Books (See Top 100 in Books)

More About the Author

Edwin Lefèvre was appointed an Ambassador of the United States by President Howard Taft in 1909, serving in posts in a number of countries, including Italy, France, and Spain. At the end of his diplomatic career in 1913, Lefévre returned to his home in Vermont where he resumed his literary work, writing novels and contributing short stories for magazines such as The Saturday Evening Post and McClure's.

Customer Reviews

Most Helpful Customer Reviews

200 of 207 people found the following review helpful:

5.0 out of 5 stars A Complete Insight Into Reminiscences of a Stock Operator, October 2, 2002

By 

Tradingmarkets.com (Los Angeles, CA) - See all my reviews

This review is from: Reminiscences of a Stock Operator (Paperback)

Literary critics are often asked, "If you were stranded on a tropical island and you only had one book to read for the rest of your life which book would you choose?" Well, if you posed that same question to the world's professional traders the response "Reminiscences of a Stock Operator by Edwin LeFevre" would be the most frequent response, and by a large margin.
Despite being written in the early 1920's, Reminiscences of a Stock Operator continues to be the most useful and most-loved book ever written on the subject of trading and speculation. In this novel, LeFevre brilliantly describes the life and times of the book's protagonist, Larry Livingston, a pseudonym for Jesse Livermore, one of history's most famous traders.

Livingston never considered himself an investor; he was a speculator. He didn't mind being long or short, he just wanted to be correct. His approach was to figure out what the path of least resistance was and then go with the flow. He didn't believe in picking tops or bottoms; he waited for a trend to be confirmed and then jumped in, thus never fighting the tape. Livingston never traded out of boredom or solely for the sake of the excitement it brought to him. He knew that he could get rich by following a defined trend and thus calmly waited on the sidelines when the market was directionless. Had Livingston been alive today he would certainly be a momentum/price action based trader.

Although a sizeable portion of the book vividly describes the highs and lows of Livingston's exciting life, the meat of the book comes in the form of trading commandments that every successful trader can likely repeat even while asleep. These are the trading rules that have been passed down from mothers to daughters, fathers to sons, mentors to students, winners to losers. This is the book from which almost every subsequent general trading book is derived. If you have ever wondered where the trading rule "Never average down" came from, just turn to page 154. Where did the comparison between greed and fear first originate? You'll find it on page 130. Some other rules to live by that were introduced in LeFevre's book are:

-The trend is your friend.

-History repeats itself.

-No stock is too high to buy or too low to sell.

-Let your winners run and cut your losses quickly.

For beginners, this book will give you a strong and sturdy foundation on which you can build your successful trading career. It will fill your absorbent trading mind with vitally important trading principles in a clear and understandable manner. For experienced traders, reading this book again will galvanize your mind and refresh your spirit for trading. It brings clarity as to why we trade and how to best go about it. This is a must read for beginners and a must re-read for all others.

75 of 78 people found the following review helpful:

5.0 out of 5 stars No Finer Collection of Trading Wisdom, June 26, 2001

By 

Craig L. Howe "The Pointed Pundit" (Darien, CT United States) - See all my reviews
(VINE VOICE)    (REAL NAME)   

This review is from: Reminiscences of a Stock Operator (A Marketplace Book) (Hardcover)

There is a reason this book rates a mention on most lists of Wall Street Classics. Since it was published in 1923, generations of investors have found its trading advice rings true.

The fictionalized biography of Jesse Livermore, one of the greatest stock market speculators, it contains perceptive trading advice and insightful analyses of market price movements.

"I learned early that there is nothing new in Wall Street," states the book's protagonist, Larry Livingstone. "There can't be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again."

During the 1970's when this book was out of print, my friends and I would scrounge used bookshops in searching of copies of this gem. The reason: its pages contain precious pearls of wisdom with which experienced traders can identify, from which new traders can learn. Thankfully, this generation of traders will not have to go to the lengths mine did to access this wisdom.

"I did precisely the wrong thing," Livingstone notes. "The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit."

Livermore made and lost millions playing the stock and commodity markets. LeFevre, a journalist captures many of his timeless lessons in this book, which first appeared as a series in The Saturday Evening Post. There is, however, one Wall Street Pearl that did not make the book - "a speculator who dies rich, is a speculator who dies before his time." Livermore committed suicide in a bathroom of the Pierre Hotel and died a penniless man.

46 of 48 people found the following review helpful:

5.0 out of 5 stars This is my "bible" of investing, November 27, 2001

By 

Tony Ursillo (Norwood, MA USA) - See all my reviews

This review is from: Reminiscences of a Stock Operator (Paperback)

I have a library of nearly 100 books about the markets. Reminiscences was the third book I ever read and it remains my "bible" more than a decade later. You might wonder how an 80-year old book about the stock market could still be relevant. Well, that is because financial markets are determined by human nature as much as anything else, and human nature acts today as it did a century ago. Greed, fear, herd thinking, impatience - those are the same influences that drive markets today and haunt traders and investors who are striving to make the right decisions. Many of the lessons that dictate my investment philosophy ("Cut your losses, let your winners run", "if you don't like the odds, don't bet") were taught to me by the protagonist, who is the fictional characterization of the legendary Jesse Livermore. That he tells his stories with such color and suspense makes the book completely entertaining beyond its invaluable trading lessons. BUY THIS BOOK FOR YOURSELF. BUY ANOTHER ONE FOR A FRIEND (I've given 4 copies). You'll not only improve your own investing results, but your gift will impress as well.